China's game plan

[brainactive]

I've been hearing the "Bitcoin will be more decentralized" argument a lot lately. Will it though? If miners exit China and they all move to the US for example, wouldn't that increase concentrate? Instead of china having 60% of the hash rate, the US will have 70%. Unless we're all hoping the Chinese miners will disperse evenly across the globe? Seems like wishful thinking, no?

[mindrust]

WHO CARES?



Bitcoin is bigger than China or any country for that matter. Some country decides to ban bitcoin? Fine. We can move on without them. Nobody cares. China, USA, Germany, Nigeria, India... it doesn't matter. Bitcoin is bigger than all of them.

Bitcoin don't need countries.

Countries do need bitcoin.

[Lucius]

What a crazy obsession with China we have here on the forum, and what nonsense I read especially in my local media that this is the end for Bitcoin - as if China is the only country in the world where Bitcoin can be mined. What the Chinese are doing is one of the best things that has happened to Bitcoin in the long run, better than anything that psychopath EM has ever done or will do.

The biggest problem for Bitcoin is not China, Musk or Trump - these are people who can't understand even the simplest math problem and invest in Bitcoin just to profit and all they care about is the price.

[Ararbermas]

Bitcoin don't need countries.

Countries do need bitcoin.

this is the truth.. Bitcoin don't need countries but cuntries need bitcoin.. Because you know how the hell bitcoin survive without them?  In fact it's been how many years CHINA and other countries made an issue with bitcoin but it always survived afterwards. . Lol  it's funny to think that most of the holder following what's the news and don't think how bitcoin very optimistic despite of some negative news. 

[mindrust]

Bitcoin don't need countries.

Countries do need bitcoin.

this is the truth.. Bitcoin don't need countries but cuntries need bitcoin.. Because you know how the hell bitcoin survive without them?  In fact it's been how many years CHINA and other countries made an issue with bitcoin but it always survived afterwards. . Lol  it's funny to think that most of the holder following what's the news and don't think how bitcoin very optimistic despite of some negative news. 

I liked the way you spelled "countries" as "cuntries" since most of them are indeed cunts.

Bitcoin can survive with a network of laptops. How are they going to know if you are mining on your personal computer?

They can't.

Bitcoin is inevitable.

[Kakmakr]

The hash rate drop is just temporary, because the miners are in the process to shutdown and to relocate to other countries. It takes time to setup a new mining farm, so that hashing power will soon be back again...once these new mining farms are operational.  

The Chinese government could care less about losing a few Trillion Dollars, if it meant that they could have control again over all aspects of their citizens and Bitcoin was a threat to that for them. They also are in the process to replace Bitcoin, with a government controlled Digital currency... so they just eliminated Bitcoin as the competition.  

[dothebeats]

It's 2021, and news re: China's stance on bitcoin is just laughable now. The market has gone largely diverse for the past few years and our dependency on China's mining farms have significantly diminished as well. Those miners displaced in China can move to other countries, though it will be expensive and will be hard for them to transition and may just choose to cease operations all in all. It may cause some blows on the overall network hashrate but bitcoin can cope, and that's a certainty, as we had observed for the past years.

[Nunoluck]

Although china is dominating bitcoin for long time but it doesn't mean that bitcoin is depend on China. Many community around the world trying to surpass china in term of domination in bitcoin investment. I am not worry about china leave bitcoin or not, it doesn't matter for me. I trust bitcoin and blockchain technology because it has a lot of advantages compared with fiat money. I believe that the world need bitcoin.

[Crypto Fireside]

I don't think anyone here really knows to be  honest.
China likes to play games, that we know.
It'll be interesting to see but my gut tells me they are preparing for some more funny buggers, who knows.

[clint25n]

with a mindset like that is only a form of lowering.the price of bitcoin in the global stock market, whatever steps are taken by china will have a major impact on the world economy.one of which is digital currency, moreover.they openly.ban bitcoin in their country which was cut off by the government although.they cannot.stop bitcoin itself.but the steps they take are steps that can be dangerous for bitcoin, we can only be wary.of the steps they take in the future, we hope the impact does not affect.the development of bitcoin

[btc_angela]

with a mindset like that is only a form of lowering.the price of bitcoin in the global stock market, whatever steps are taken by china will have a major impact on the world economy.one of which is digital currency, moreover.they openly.ban bitcoin in their country which was cut off by the government although.they cannot.stop bitcoin itself.but the steps they take are steps that can be dangerous for bitcoin, we can only be wary.of the steps they take in the future, we hope the impact does not affect.the development of bitcoin

I don't think it will have a major impact on us, we can survived without China. If there will be an effect, it will just be short term. Bitcoin cannot be stop, not at this point where many countries have adopted it and many more in the coming 5-10 years.

They've just created panic in the market, but soon everything will settle down.

And I doubt that they have a game play.

[Lee_Mire]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China's game plan is control. Plain and simple. They can't control Bitcoin totally so they are banning it outright. If you think there is a secret way of controlling bitcoin (through mining etc) then bitcoin has failed. China knows this and have banned it. Good riddance.

[ropyu1978]

China's next game plan, it can be said that China wants to control all countries to submit to them, China will not stop making plans until what they want is achieved, BTC has been mining for more than 10 years in China, I think they have accumulated enough bitcoins, so they took steps to ban bitcoin mining in their country..

[randegibran]

This game played by China also uses very clever tricks.moreover they also ban it in their country, maybe we also don't understand the game they are playing right now. We also hope that the trick game carried out by China may not have an impact on the decline towards bitcoin, everyone will know that china has a very significant role in global trade which covers all aspects of the economy.this is a calculated step in starting a business that can make us profitable for the future

[DarkDays]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

I do not know what China's game plan is - none at all   Because clearly having the hash rate reduced by this much and forcing the miners out of the country is not going to be a global economic advantage given the long term consequences of the government being anti-BTC.

It seems like a wrong move at the wrong time for China to make, though we're all entitled to our own opinions. It would be interesting to see how this plays out

[thecodebear]

The Bitcoin hash rate reduced almost 60%, I remember there was a time the hashrate gotten to its peak in May, 2021 to over 160E, now it is less than 64E, the hashrate was reduced by over 96E, that is over 60% reduction in hashrate. Although, all might not be linked to the Chinese fud, but the reduction happened at the time.

What are some other major reasons which may have contributed to the 60% reduction in hash rate? Besides China fud

It isn't China fud. It's literally China making bitcoin mining illegal.

Roughly 65% of bitcoin mining was done in China, and it looks like somewhere between 80%-100% of that hashrate is now gone, thus dropping the global hashrate by about 50%-60%. The Chinese are now essentially entirely out of the bitcoin mining game now. Over the coming months we'll see the hashrate rise back up as those operators either move their operations to other countries or sell their machines to people around the world and that hashrate comes back online around the world outside China. Rest of the world is continuing to increase bitcoin mining, but China just got entirely out of it.

[BrewMaster]

Roughly 65% of bitcoin mining was done in China,

you are thinking of mining pools that have the name of a Chinese company attached like Bitmain. but pools are just pools not the actual hashrate.

It isn't China fud.
and it looks like somewhere between 80%-100% of that hashrate is now gone, thus dropping the global hashrate by about 50%-60%.

it IS China FUD when you say this.
if 80%-100% of hashrate had gone bitcoin network would have come to an almost halt with blockchain not being able to grow anymore.

and for your information hashrate when price was $30k last time was 100 exa hash and today that price is a little higher than $30k it is 90 exa hash (approximately) so that is a 10% drop not 80%-100% as you said.

[stompix]

What a crazy obsession with China we have here on the forum, and what nonsense I read especially in my local media that this is the end for Bitcoin - as if China is the only country in the world where Bitcoin can be mined.

I think there are two sides right now, and I find them both amusing
- the ones claiming bitcoin will be dead without China
- the ones claiming China will become a 3rd world country without Bitcoin

Both going way overboard with everything,  I don't know why people can place so much importance on a single things where there are thousands to pick from

and for your information hashrate when price was $30k last time was 100 exa hash and today that price is a little higher than $30k it is 90 exa hash (approximately) so that is a 10% drop not 80%-100% as you said.

The last time the price was 30k and there was no sign of China doing anything was in January, at that time we were flat at 147.46 EH/s, 149.05 EH/s, 153.41 EH/s for a month, so that price was able to let miners mine with that much gear, now we're seeing under 90 exahash and it's not over yet at same level prices with far more efficient gear being shipped in three batches since then.

Also, 10%? Nope. The previous retarget was on June 13, the price was 35k and now we're looking at a 26% drop..

On May 23 the difficulty was
2021-05-13 11:58:58   25,046,487,590,083 - 25.05 T   
Right now we're looking at :                       
Next Difficulty:   between 14602665475646 and 14659149779937

That's a 40%, remember that the first news about the ban started to appear in May two days before that so the ones with good connections probably were already at the border by that time.

[ranochigo]

you are thinking of mining pools that have the name of a Chinese company attached like Bitmain. but pools are just pools not the actual hashrate.

No. I believe the poster is referring to aggregate data obtained through the mining pools. From the locations of the IP, you can sample and determine the range of miners that are located within China. There is a decent margin of error but since the hashrate was excessively concentrated within China, the margin of error is reduced further. Data appears to be accurate till April, hasn't been updated since. Peak average hashrate (or an estimate of that) is roughly 180EH, it is currently avg of 90 EH right now. Sounds about right.

China just doesn't want to deal with Bitcoin anymore. Bitcoin mining was a cash cow for them but apparently, it doesn't matter too much in the grand scheme of things.

[dkbit98]

Maybe Bitcoin hashrate did drop a lot but from all time high but mining pool distribution never looked better and big part of hahsrate will be back in next few weeks and months.

China obviously see Bitcoin as a real threat to their new digital yuan currency, and other countries may follow what they did with banning Bitcoin so I would not be surprised to see big world division in the future.

You can't have total control over your citizens with Bitcoin, and that is something every dictator and big corporations want, not just in China but in western world.